The real trick to doing a cost benefit analysis well is making sure you include all the costs and all the benefits and property quantify them. On the other hand, Reeves, Love and Tilmanns (2012) in analyzing strategies assert that organisations should plan strategies using the following four styles; namely, adaptive style, shaping style, classic style and visionary style. Strategy as an idea is based on the notion that strategy does not emanate from the top levels of management but from ideas within the business environment (Johnson, Scholes and Whittington , 2008).

(2002). PEST analysis (Political, Economic, Social, and Technological), STEER analysis (Socio-cultural, Technological, Economic, Ecological, and Regulatory factors). From simple essay plans, through to full dissertations, you can guarantee we have a service perfectly matched to your needs. Your privacy is extremely important to us. Porter (1997) highlight that there are five forces that shape competition in an industry; namely, threat of new entrants, bargaining power of suppliers, bargaining power of buyers, threats of substitute product or service and rivalry among competitors. 2.2 Comparative Understanding of Competitor activity from other organizations in the Market The management achieve sustainable competitive advantage through effective competitors’ analysis and market research (Porter, 2008). Highlights key issues risks Debenhams is consistently meeting the changing needs of the customers, and created high brands of goods and services and improved the market position during the years 2010 -2012. For example, a charity working with SWOT analysis is an important tool for auditing the overall strategic position of a business and its environment. Debenhams has motivated skilful management, as they plan establish, organize, and achieve organizational targets, through effective management of human, financial, and technology resources to improve quality, reducing costs and achieving sustainable competitive advantage. A strategic plan is only an element of the whole planning process – it serves as the foundation for a business plan and provides a framework for an operational program. With the new machine, it can be produced 100 more units per hour. It can be argued that the most important stakeholders are those who have the most to lose from the organization’s actions. Another distinction between the two, adaptive and shaping strategic styles, is that shapers move beyond the confinements of their company to attract new markets, technologies, standards and business mannerisms. In both school of thoughts postulated by Boston Consulting Group and Johnson, Scholes and Whittington (2008), future strategies are shaped by past and present business environment. Managers are responsible , to conduct internal analysis, Porter, value chain analysis, SWOT analysis, five forces analysis for strategic planning which is needed to determine the possible future strategic options by appraising the organization’s internal resources and capabilities, the audit of basic and unique resources, and competences, and to achieve long term competitive advantage. The value chain analysis is consists of secondary and primary activities like firm infrastructure, technological advancement, human resource management (HRM), procurement, outbound logistic, inbound logistic, operations, marketing and sales these analysis are very essential in strategic planning, as through effective value chain analysis, and external environment analysis companies improve the quality of goods and services, brand image, brand loyalty, to achieve competitive advantage. Verbeke, A., (2009): International Business Strategy: Rethinking the Foundations of Global Corporate Success,2009: Cambridge University Press. Strategic planning cause one to be dedicated working towards having a successful The second step is that the small businesses make decisions on how best they can respond to potential business opportunities and threats that they will encounter. Essay, 8 pages. Various business analysis techniques can be used in strategic planning, including SWOT analysis, PEST analysis, STEER analysis, and EPISTEL (see above).

The strategic styles are namely, adaptive, classical, visionary and shaping. Lastly, visionary companies predict the future business environment and shape it through innovations. While the strategic model posited by Johnson, Scholes and Whittington (2008) illustrate the different dimensions that strategies can be viewed from; namely, experience, ideas and design. Analysis of the competitive environment is also performed, many times based on the framework suggested by Michael Porter. Organizations achieve competitive advantage through strategic human resource management as SHRM plan, formulate and implement effective strategies, to achieve goals and objectives efficiently and effectively. All work is written to order. Only if these investments are coordinated can maximum benefits be obtained. Strategic planning is a process in an organizational culture in which a strategy is defined or a direction is set and then business decisions are taken for allocation of the business resources and assets in order to pursue the defined strategy. For example, oil companies that predicted and developed plans to curtail Muslim radicalism and Arab spring did not suffer from oil shortage that characterized the Arab Spring since they had put adequate strategic plans to tackle the oil shortage. Debenhams has developed an innovative creative challenging approach towards the external environment as the management do strategic resource analysis, competences analysis, and culture analysis to respond effectively in response of the changes in the external environment.

Planning is carried out at both the macro and micro level.

Strategy analysis This is an element that is concerned with the changes that are going on in the environment and how the changes are … The main objective of this tool is to analyze internal strategic factors, strengths and weaknesses attributed to the organization, and external factors beyond control of the organization such as opportunities and threats. Chris Argyris noted, a healthy organization performs three core activities over time: Achieves its goals. Future Survey 1990: A Guide to the Recent Literature of Trends, Forecasts, and Policy Proposals. Management develop effective monitoring and evaluation system for the strategic plan which is essential for the success and progress of an organization (DeWit, and Meyer, 2010). External Factors: Opportunities and Threats are external factors. Strategic planning helps company in improving the rate of projects success. IvyPanda. We use cookies to give you the best experience possible. Therefore defining roles and responsibilities of HR manager is a quite complex task so that I would say about few, main function. Strategic Planning is for Small Businesses Too-Part1. The mission and vision statements are essential for the success and progress of an organization as these provide the direction and guidance for the management what they have to achieve for whom they have to achieve. However the knowledgeable motivated management develop effective resource based view of strategies to take the competitive advantage through successful business operations. Debenhams uses different options market development, diversification and differentiation strategy to achieve competitive advantage, and develop competitiveness strategies to customers’ orientation through customers’ satisfaction and creating value for shareholders and other stakeholders. The database is updated daily, so anyone can easily find a relevant essay example. Students looking for free, top-notch essay and term paper samples on various topics. By clicking Send Me The Sample you agree on the, Strategic Planning Process and Organizational Structure, Strategic planning and aiming for long term objectives, Financial Planning (Insurance) Case Study, Five methods of Departmentalization in Management, Plaza the Logistics of Zaragoza Company Review, Viable Systems Model (VSM) and Soft Systems Model (SSM), Ask Writer For (247), 4.8 If you need assistance with writing your essay, our professional essay writing service is here to help! INTRODUCTION

Do you have a 2:1 degree or higher? Debenhams has developed a challenging corporate vision to achieve quality in operations developing new innovative creative competitive strategies through effective external environment scanning, SWOT analysis of the company and the competitors, internal analysis, market analysis, achieving goals and objectives to fulfil the expectations of all the stakeholders. Types of planning used to achieve goals Some weaknesses can be developed into strengths or opportunities. Cookies Policy, This essay on Strategic Planning was written and submitted by your fellow student. Strategic planning can actually be described as a management tool used in managing the business operations of a given business entity. "Strategic Planning." Essay, 3 pages. The process of doing formal planning forces individuals involved to bring out ideas that are essential in propelling the organization towards its goals and objectives (Watson, 2007). Now, what is strategic planning? The process may require the hiring of strategic planning consultants who may need to be paid large amount of money. http://www.yourdictionary.com/business/strategic-planning, horizon.unc.edu/projects/seminars/futuresresearch/stages.html, http://ezinearticles.com/?7-Steps-Effective-Strategic-Planning-Process&id=588763, Tim Hannagan, Mastering @Strategic Management, 2002, Palgrave, New York, pg 60, Tim Hannagan, Mastering @Strategic Management, 2002, Palgrave, New York, pg 50, 51, http://www.businessballs.com/balanced_scorecard.htm, Tim Hannagan, Mastering @Strategic Management, 2002, Palgrave, New York, pg 60), http://www.jiscinfonet.ac.uk/tools/scenario-planning, http://management.about.com/cs/money/a/CostBenefit.htm, http://www.maxwideman.com/issacons1/iac1112b/tsld002.htm, http://www.investopedia.com/terms/s/sensitivityanalysis.asp. However, it is important to be aware of the fact that the process of strategic planning is not a guarantee that a business entity will enhance its performance.

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